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Olympic Pushes Infrastructure Stocks Up
Stocks related to infrastructure construction business saw a good performance Monday, stimulated by Beijing's success in the bid to host the 2008 Olympic Games.
Commercial, tourism and some other categories of stocks that have certain connections with the Olympic Games also had an active performance on the first day of the stock exchange following Beijing's triumph last Friday, according to Tuesday's Economic information Daily.
It is estimated that Beijing will invest some 280 billion yuan (33.7 billion U.S. dollars) for the 2008 Olympic Games, 64.3 percent of which will be used in the sector of infrastructure construction, thus it is natural for the soaring prices in infrastructure-themed stocks, the newspaper said.
But the Composite Index on the Shanghai Stock Exchange dropped 15.10 points lower from that of Friday last week to reach 2146.23 points Monday, and the Component Stock Index on the Shenzhen Stock Exchange closed at 4609.08 points Monday, 25.42 points down from the last close.
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